TURNAROUND specialist, Hilco, who helped HMV Canada, are said to be in talks with adminstrators Deloitte.

MUSIC labels and film studios are getting behind a rescue deal for collapsed entertainment giant HMV.

Sony, Universal and Warner plan to offer HMV bidders generous credit terms and cut the price of CDs and DVDs.

They are fearful the demise of HMV – the last specialist music and entertainment retail chain – will lead to more pressures on the industry as supermarkets and online firms such as Amazon slash prices.

Turnaround specialist Hilco, who own HMV Canada, are said to be locked in talks with administrators Deloitte.

At stake is HMV’s 92-year-old heritage, 4120 jobs and 223 stores.

Chief executive Trevor Moore said he is convinced the chain’s future can be secured.

There are around 50 potential buyers for HMV. Game, bought out of administration last April, have confirmed their interest and so too, private equity firm Endless.

Hilco have already helped turn around sales at HMV’s Canadian arm since buying the business in 2011.

Support from suppliers would be crucial to a revival of HMV to fight against the might of supermarkets and internet rivals.

HMV bosses last week praised the “amazing support” of suppliers.

Universal also have another vested interest in seeing HMV survive – they inherited the liability for rent for 16 HMV stores when they acquired EMI last year.